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Florida Atlantic Donor Reneges on Most of $16M Pledge

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The largest donor in the history of Florida Atlantic University has told the institution that he cannot fulfill a $16 million pledge he made in 2007, and that he will pay $1 million more (on top of $4 million he has already provided) to bring his total gift to $5 million, the Sun-Sentinelreported. The donor, Barry Kaye, who made his fortune in insurance, cited the economic downturn as the reason for reneging on the gift, and asked that his name be taken off the university's business school.